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ORION EQUITIES LIMITED Net Asset Value 2005

Feb 7, 2005

Net Asset Value

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Tuesday, 8 February 2005

Month Ending:	31 January 2005
Net tangible assets $(1)$ (before tax)	\$19.578m
Pre-Tax NTA Backing per Share	\$1.137
Net tangible assets (after tax) $(2)$	\$19.137m
Post-Tax NTA Backing per Share	\$1.111
Based on total issued share capital	17,219,996

$(1)$ The Company's investments are valued at net realisable market value.
$(2)$ The post-tax NTA backing figure is reported net of provision for tax liabilities on realised and unrealised gains on investments.

Victor Ho Company Secretary $T$ | +61 8 9214 9797 E | [email protected]

www.centralexchange.com.au CENTRAL EXCHANGE LIMITED Level 14, 221 St Georges Terrace, Perth WA 6000 $T$ | + 61 (8) 9214 9797 $F$ | + 61 (8) 9322 1515

A.B.N. 77 000 742 843